pension

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Faculty Association Sends Report on UC Pension to Legislative Committee

Byuclafaculty

The UCLA Faculty Association has submitted a report to the members of the legislative committee studying the governor’s proposals for public pensions. (See an earlier blog post.) The cover letter to the committee members is reproduced below. Below that is a link to the report which details the history of the UC pension system. ===== To: Members of the Conference Committee on Public Employee Pensions AB 340/SB 827 From: Faculty Association at UCLA Date: Dec. 1, 2011 Subject: Examining the Governor’s Twelve Point Pension Reform Plan Dear Representative Furitani, On behalf of the Faculty Association at UCLA, an independent association…

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Testimony in Sacramento Coming Up on UC Pension

Byuclafaculty

Two UC officials will be testifying tomorrow about the UC pension at a legislative hearing on the governor’s public pension proposals. We don’t know what the UC reps will be saying. Hopefully, it will be a polite version of “no thanks; we have our own plan.” If more info becomes available, we will post it. Meanwhile, the hearing agenda can be found below. Pension Agenda(function() { var scribd = document.createElement(“script”); scribd.type = “text/javascript”; scribd.async = true; scribd.src = “http://www.scribd.com/javascripts/embed_code/inject.js”; var s = document.getElementsByTagName(“script”)[0]; s.parentNode.insertBefore(scribd, s); })();

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Regents Expected to Approve Rise in Employee Pension Contributions Today

Byuclafaculty

The Regents at their postponed meeting today (11-28-11) are expected to raise the employee contribution to the pension plan to 6.5% as of 2013-14. See the chart below: The full item is at http://www.universityofcalifornia.edu/regents/regmeet/nov11/f5.pdf This will not be the last increase for either the employee or the employer contribution. No help from the state in sight. Au contraire:

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Another Pepper Apology? Let’s Focus Instead on the UC Budget

Byuclafaculty

The UC-Davis chancellor has now apologized for the pepper spray incident last Friday. Meanwhile, the Washington Post reports that the incident has gone viral with creative images such as the one above on the web. See http://www.washingtonpost.com/blogs/arts-post/post/pepper-spray-cop-works-his-way-through-art-history/2011/11/21/gIQA4XBmhN_blog.html Below is video of the chancellor’s apology. A story about it is at: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2011/11/22/MNK71M2548.DTL As noted in last night’s blog post, instead of trying to regain “control” via crisis management techniques, it would be nice if the Regents and the powers-that-be at UC focused instead on the ongoing UC budget emergency. Please see last night’s blog posting for a link to the UCLA…

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Tax Leak

Byuclafaculty

Over the weekend, a group going by the name “Think Long” started leaking plans to put something on the ballot in 2012 that would revamp the California tax system and raise more funding. It is funded by billionaires so getting the signatures (typically at a cost of $1-$2 million) won’t be a problem. Even a big campaign for the votes – tens of millions can be involved especially for TV advertising – can be handled. Example of the leak/preview from the LA Times: Joining the battle over California taxes, a group of billionaires and political insiders say they will place…

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Regent Crane Leaves an Unhelpful Message

Byuclafaculty

Departing Regent David Crane, a last-minute appointment to the Board of Regents by Governor Schwarzenegger, would have had his last Regents meeting in November, since he could not get legislative confirmation. But the Regents’ meeting was canceled due to a fear of Occupy-type demonstrations. However, Crane has left behind a missive of sorts – a press release on state budget and pension matters in which he a) endorses the pension proposals by Governor Brown and b) wants to take those proposals further. No reference to the changes already adopted by the Regents for UC is made in the release. No…

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LAOmission

Byuclafaculty

Our previous post deals with the Legislative Analyst’s Office (LAO) report on the state budget. Quote from page 41 of the report: “…because the state is not required under current law to contribute additional funds to UC to address its unfunded pension and retiree health liabilities, the forecast assumes no General Fund resources to assist UC for these purposes.”

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UC Budget Proposal for 2012-13 Readied for Regents

Byuclafaculty

President Yudof’s UC budget proposal for 2012-13, scheduled for discussion at the Regents on Nov. 17, is now posted. The key links are http://www.universityofcalifornia.edu/regents/regmeet/nov11/f12.pdf and http://www.universityofcalifornia.edu/regents/regmeet/nov11/f11attach.pdf The proposal includes a request for increased “core” funding by 8%. Notably included is a contribution to the UC pension – which the state has not been doing since contributions resumed. There appears to be an arbitrary request for one fourth of the employer contribution ($87.6 million). See the last page of the second link. Why just one fourth is requested is not clear. Since this seems to be public pension year, given the…

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LAO Report on UC and Other Public Pensions

Byuclafaculty

The Legislative Analyst has just released a report on the governor’s proposal for public pensions. The report states that the “Governor’s Proposal Is a Bold, Excellent Starting Point” and then goes into a detailed analysis. Most of the report is not about UC, although it does note that changing the UC plan might well involve amending the constitution. But it does have a section on UC reproduced below: What About UC? UCRP Also Has a Major Funding Problem. From 1990 to 2010, UC and its employees enjoyed a remarkable two–decade pension funding holiday due principally to (1) substantial overfunding of…